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PENLER Adds Atlanta Property to Growing Portfolio
PENLER partnered with a real estate fund advised by Crow Holdings Capital to acquire three properties throughout the Sunbelt, the most recent being Eleven85, a 288-unit garden-style property in Atlanta. The Atlanta Business Chronicle reports the company paid $67 million. The community’s previous owner paid just under $91 million for it in mid-2022. Other recent acquisitions include:
- Botanic Waterside, a 320-unit Class A property in Sarasota/Lakewood Ranch, Florida
- Trace Midtown, a 290-unit high-rise apartment complex in Atlanta, Georgia
PENLER also broke ground on two new development projects. The firm began construction on a 20-acre site planned for 294 garden-style units in Lakewood Ranch, Florida and a seven-acre downtown site zoned for 262 units in Clermont, Florida, a suburb of Orlando.
Following the acquisitions, Penler’s total transaction volume has since surpassed $1.6 billion, including six successful dispositions totaling more than $430 million.
- ◦Sale/Acquisition
